3.0.0 1344 2023-01-15T17:04:09Z 2023-01-15T17:04:09Z Senate S S 2003-06-26 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2003-06-26T18:53:32Z 2003-06-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8733-8734) IntroReferral 2003-06-26 Sponsor introductory remarks on measure. (CR S8732-8733) IntroReferral B00100 9 Library of Congress 2003-06-26 Introduced in Senate IntroReferral 10000 9 Library of Congress C001042 Sen. Corzine, Jon S. [D-NJ] JON CORZINE D NJ S. N S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2003-06-26 True A000069 Sen. Akaka, Daniel K. [D-HI] DANIEL AKAKA D HI KOHIKINA 2003-06-26 True B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2003-06-26 True B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN 2003-07-15 False K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE 2003-07-31 False L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2003-09-04 False C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2004-03-25 False Finance and Financial Sector Advertising Checks Commerce Congress Congressional reporting requirements Consumer education Credit unions Electronic funds transfers English language Financial institutions Foreign Trade and International Finance Foreign exchange Government Operations and Politics Governmental investigations International banking Language and languages Science, Technology, Communications User charges Finance and Financial Sector 00 2003-06-26 Introduced in Senate 2003-10-06T13:16:05Z Money Wire Improvement and Remittance Enhancement Act of 2003 (or the Money WIRE Act of 2003) - Amends the Electronic Fund Transfer Act to require that the following disclosures be prominently displayed on the premises of a money transmitting business which initiates an international money transfer for a consumer: (1) the exchange rate used in connection with such transaction; (2) the exchange rate prevailing at a major financial center of the foreign country whose currency is involved in the transaction; (3) all commissions and fees charged in connection with such transaction; and (4) the exact amount of foreign currency to be received by the recipient in the foreign country, which shall be disclosed to the consumer before the transaction is consummated.

Requires that such disclosures be prominently revealed in advertisements and receipts used by the business, and in the same language as that principally used by the business to advertise, solicit, or negotiate, at that office, if other than English.

Requires the Federal banking agencies and the Secretary of the Treasury to study and report to Congress on the need for fee disclosures for money wire transmissions.

Amends the Federal Credit Union Act to authorize Federal credit unions to: (1) sell, to persons in the field of membership, negotiable checks (including travelers checks), money orders, and other similar money transfer instruments; and (2) cash checks and money orders for persons in the field of membership for a fee. (Currently these transactions are reserved for credit union members only.)]]>

Money Wire Improvement and Remittance Enhancement Act of 2003 Display Title Money Wire Improvement and Remittance Enhancement Act of 2003 Official Title as Introduced A bill to amend the Electronic Fund Transfer Act to require additional disclosures relating to exchange rates in transfers involving international transactions, and for other purposes. Introduced in Senate IS Short Titles as Introduced Money Wire Improvement and Remittance Enhancement Act of 2003 Short Titles as Introduced Money WIRE Act of 2003 Introduced in Senate 2003-06-26T04:00:00Z 2003-06-26 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8733-8734) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.